Rumors of Iranian Oil Embargo against EU's Club Med as Nationalism Explodes in Greece

Published time: 16 Feb, 2012 00:30Edited time: 20 Feb, 2012 11:48

Rumors of Iranian Oil Embargo against EU's Club Med as Nationalism Explodes in Greece

Europe is shrinking, at least the economy is. Italy sinks into recession as the eurozone contracts for the first time since the second quarter of 2009. Today was supposed to be a meeting of EU Finance ministers to push through the bailout of Papademos' technocrat led government in Greece. This decision cam after the Greek parliament already passed brutal new austerity measures and privatization plans while their people were outside rioting and burning the center of the ancient city to ashes, including the historic Attikon theater to the ground. The violence perpetrated against the protestors as well as the violence perpetrated by the protestors was extreme, and Papademos stated in Parliament that such violence "has no place in a democracy." Unfortunately, Greece has ceased to be a democracy according to Nigel Farage. He gave a speech before the European Parliament this morning, where he took the TROIKA to task for acting like an imperial power, pressing its boot on the throat of the Greek people. The TROIKA meanwhile, has told Greek "leaders" that it needs more assurances from them. Antonis Samaras for one, has been backpedaling ever since the referendum call made by George Papandreou late last year, and his latest attempt to straddle the lines of public opinion and troika financing ruffled some feathers with his creditors. He was forced afterwards to write a letter to them committing himself to the recent memorandum after alarming eurozone leaders when he said he may seek to renegotiate the terms of the bailout after the next elections in the spring. And adding insult to injury, German finance minister Wolfgang Schauble said in a radio interview that nothing short of a technocratic government like that of Monti's may be required to stem the crisis in Greece. Really? Isn't this the type of language that could lead to the type of nationalism that people like Nigel Farage have been warning us about for months, if not years? When you rob people of their identity, when you rob them of their history, then all they are left with, is nationalism and violence. This is what Nigel Farage has said, and we have him on today to talk about it.

And as though Europe didn't have enough problems, as if Greece's citizens weren't struggling under the weight of a depression deep enough, rumors hit today the tIran may be cutting its crude oil exports to Europe sooner than expected, that they will pre-empt the sanctions scheduled to his this summer. Up until now, there has been much talk about what the west should or should not do as regards Iran, it's nuclear program and it's oil, but this may be the first taste that we're getting of what this means for most people: higher oil prices, as crude hits a 6-month high of 120 dollars per barrel. So who benefits here and who loses? Most people aren't oligarchs and elites worried about geopolitics and the new world order. Most people are worried about raising a family, and staying above the poverty line, or maybe breaking into the dwindling middle class. We speak with author, Dr. Stephen Leeb about Iran, the oil, and the politics behind it all. We also ask Dr. Leeb who exactly stands to benefit from all of this, and why it is that we – you, me, and just about everyone but the richest and most powerful – should be asked to support a war that is just about the LAST thing on our radar screen.